Fiscal Note
Funding for the loan was authorized in the 2007 Planning and Development Adopted Capital Budget (Project #18, "TID 32-Upper State St. Corridor, Account No. 823201). Funding was authorized as General Obligation borrowing, but there may be sufficient TID proceeds available to support the loan disbursement without the need for borrowing.
Title
Amending RES-06-00471, File No. 03543, adopted on May 16, 2006 authorizing the Mayor and City Clerk to execute a development agreement to fund a $3,000,000 Tax Incremental Finance Loan to University Square, LLC ("Developer") to assist in the development of University Square retail/commercial redevelopment project.
Body
WHEREAS, on May 16, 2006, the Common Council of the City of Madison adopted RES-06-00471, File No. 03543 authorizing the Mayor and City Clerk to execute a development agreement to fund a $3,000,000 TIF Loan to University Square, LLC ("Developer") to assist in the development of the University Square retail/commercial project located in TID #32 (Upper State Street) ("Project"); and
WHEREAS, said resolution stipulated a Evidence of Lease condition wherein Developer shall provide an executed lease or leases in a form acceptable to the City by December 31, 2007, with retail tenants, with primary terms of not less than 5 years and such retail tenants occupying not less than 70,000 square feet of the Project (approximately 50% of leaseable area) prior to the disbursal of the TIF Loan; and
WHEREAS, Developer reports that approximately 73,500 square feet of the Project is either secured by leases or in the process of finalizing leases but it is anticipated that the final execution of said leases may exceed the December 31, 2007 deadline.
NOW, THEREFORE BE IT RESOLVED that the City hereby amends RES-06-00471, File No. 03543 to extend the deadline under the Evidence of Lease condition to June 30, 2008.